V2X communications plays a significant role in increasing traffic safety and efficiency by enabling vehicles to exchange their status information with other vehicles and traffic entities in their proximity. In this regard, two technologies emerged as the main contenders for enabling V2X communications which have stringent requirements in terms of latency and reliability due to their apparent safety criticality. The first one is the DSRC standard (referred to as ITS-G5 in Europe) that is well researched since 20 years and has attained enough technical maturity for current deployment. The second one is the relatively new CV2X standard that is nevertheless, based on the 3GPP standard family that have successful deployments in almost every corner of the globe. In this work, we compare the link level performance of the PHY protocols for both the technologies for different vehicular fading channel models. To this end, we construct and simulate the PHY pipelines and show the performance results by means of BLER} versus SNR graphs. Our investigations show that CV2X performs better than ITS-G5 for almost all the considered channel models due to better channel coding and estimation schemes.